1999 WARRANTS OFFERED TO FORTUM GROUP MANAGEMENT TO BE LISTED ON THE MAIN LIST OF THE HELSINKI EXCHANGES

9/27/2002 11:55 EET

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Warrants offered to the Fortum Group management in 1999 are to be listed on the Main List of the Helsinki Exchanges (HEX) with effect from 1 October 2002.

In 1999 Fortum Corporation offered 15,000 warrants for subscription to the Group management. One hundred and thirty (130) individuals subscribed for a total of 13,825 warrants. In accordance with the terms and conditions of the option scheme, Fortum Corporation has redeemed some of the warrants due to termination of some contracts of employment.

The total number of the warrants which will be listed is 11,768. Each warrant authorises subscription for 1,000 Fortum Corporation shares at the par value of EUR 3.40 during the period from 1 October 2002 to 1 October 2005. The warrants authorise subscription for a total of 11,768,000 shares which may increase the share capital by a maximum of EUR 40,011,200.

Under the terms and conditions of the option scheme, the preconditions for the subscription are that both Fortum’s earnings per share and the share price performance are as good as or better than the average results of the Reference Group consisting of specified European listed companies.These preconditions have been met and the subscription price of the shares is EUR 5.61.The shares can be subscribed for at the asset management branches of Nordea Bank Finland Plc.